Most Asian stocks fell on Wednesday, weighed by persistent concerns that sticky inflation will push major central banks into keeping interest rates high for longer.
Oil prices rose in Asian trade on Wednesday, extending recent gains on hopes that demand will pick up with the onset of the travel-heavy U.S. summer season.
The dollar was stable on Wednesday on wagers the Federal Reserve is unlikely to cut rates until later this year ahead of crucial inflation readings this week, while the yen drifted to its weakest in four weeks.
Most Asian stocks moved in a tight range on Tuesday as investors shied away from big bets before a string of key inflation readings this week, while a U.S. market holiday also made for few trading cues.
Japanese corporate services prices in April rose at their fastest pace since early 2015, Bank of Japan data showed on Tuesday, boosted by labour costs in the services sector in a positive signal for policymakers looking for wages-led cycle of demand growth.
Japan's government upgraded its assessment of factory output for the first time in a year, saying in its monthly economic report that it showed signs of picking up and signalling production may have bottomed out.